Gas and electricity prices are to enjoy a dramatic 10 percent increase soon haunting millions of British households already hit with the repercussions of economic meltdown.
According to the charity Energyhelpline the "volcano is about to erupt", with the UK’s "Big Six" that is Britain’s Big Six energy companies on the road to announce price hikes within the coming months. "There are clear indications that energy price rises are close”, said Energyhelpline spokesman Mark Todd. "I would not be surprised if they are announced within the next two months. In fact you could describe the energy market as a volcano about to erupt. The lava may soon descend on consumers across the country, wiping out their household budgets", he added. It’s expected that the 5-10 percent increase in the energy bills result in between £70 to £140 price rise across the country, subsequently creating another fierce political row. In the past three years the Big Six energy companies had take home a 73 percent increase in profits which makes at least £3.7 billion, according to the opposition Labour party. At the same time, bills have gone up by £300 to an average of £1,420. Labour energy spokesman Caroline Flint said the Prime Minister was "totally out of touch" with the millions struggling to pay bills. On the other side, the Big Six energy companies claim that an increase in climate change costs would leave no room for them other than rising energy prices. Energyhelpline, a price comparison website, said the energy companies were introducing a number of fixed-price and discounted energy tariffs which were typically a sign that price rises are around the corner.